Horowhenua District Council's after-capital account deficits should be large, as the council increases its capital expenditure(capex). The council's prefunding liquidity policies reduce refinancing risk and will ensure strong liquidity coverage. We affirmed our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on Horowhenua. The stable outlook on the long-term rating reflects Horowhenua's infrastructure pipeline and large after-capital account deficits. On June 1, 2023, S&P Global Ratings affirmed its 'AA-' long-term foreign- and local-currency, and 'A-1+' short-term issuer credit ratings on Horowhenua, a New Zealand local government. The outlook on the long-term rating is stable. The stable outlook reflects Horowhenua's infrastructure pipeline and large after-capital account deficits. These will ensure debt remains high. We could lower our ratings if capex were
